Do you have what it takes for long term success?

01/26/2012 14:34

This seems to be the question every new entrepreneur asks themselves before they take on a new venture. We're all wondering whether we have what it takes to make sure our dreams become a reality. The fear of failure always gets in the way, along with self doubt, and the fear of whether people will take us seriously or not.

Below are some tips to help you answer those questions and make sure you have a profitable business.

1. Do you have self confidence?

You have to believe in yourself first, and only then can you expect customers and potential investors to believe in you. The first thing that you sell is yourself. Even though self-belief does not always guarantee a sale or investment, it increases the chances of success. You have to believe in your product so strong that you would argue your point of view with anyone to win your case.

2. Do what you enjoy.

Choose a job you love, and you will never have to work a day in your life. - Confucius

That is not just a fancy unrealistic quote to motivate people. When you love what you do every day, you will be rewarded in form of personal satisfaction, financial gain, stability and enjoyment. So if you don't enjoy what you're doing, in all likelihood it's safe to assume that it will be reflected in the success of your business--or subsequent lack of success. In fact, if you don't enjoy what you're doing, chances are you won't succeed.

3. Take what you do seriously.

Probably this is the main cause of failure among new businesses. When someone is unconsciously competent in what they do, they fail to take their new business serious because it seems like such an easy task to them; failing to realize, most people would wish they knew what you know. Failing to take your business serious enough, makes it easy to get sidetracked and not motivated enough to keep moving forward. This is then followed by falling into pray of those who don't take you seriously simply because you don’t work from an office building or have a nice storefront on Broadway. Little do these people know that the amount of home based businesses have a high annual income and continues to grow every year.

4. Manage money wisely.

This is by far the most important part of starting your business. You need enough cash flow to buy inventory, promote and market your business, repair and replace tools and equipment, Etc. Therefore, all business owners must become wise money managers to ensure that the cash keeps flowing and the bills get paid. There are two aspects to wise money management.

1. The money you receive from clients in exchange for your goods and services you provide (income)

2. The money you spend on inventory, supplies, wages and other items required to keep your business operating. (expenses)

3. Accounting software that’s all online based is Outright and it seems to offer small businesses a piece of mind when it comes to accounting.

5. Ask for a sale
A business owner must know that all advertising and promotional activities are worthless, regardless of how expensive or clever they are, unless you ask for a sale. Of course, having a great marketing plan and advertising is essential in order to get your name out there, and portrait a solid image of your business, however, all of these expenses will be worthless unless you ask people to buy from you.

6. Never forget, it’s all about your client.
Remember, your business is not so much about you, or your products, or even your services, what you charge, what you discount, which your competitors are, as much as it is about your customer. Actually, it’s ALL about your customers. You're in business for them, and they're the reason for your business' existence. After all, your customers are the people that will ultimately decide if your business goes boom or bust. Everything you do in business must be customer focused, including your policies, warranties, payment options, operating hours, presentations, advertising and promotional campaigns and website.

7. Get to know your customers.

This is by far the area where especially home based business, have the highest competitive advantage. In this "all automated”, "one size-fits-all" customer service world, where everything seems to be automated, personalized attention is something long gone. The home business owner can actually answer phone calls, get to know customers, provide personal attention and win over repeat business by doing so. It's a researched fact that most business (80 percent) will come from repeat customers rather than new customers. By doing this, your operating costs will drastically go down.... How? It takes twice as much money to get new customers than it takes to keep one. A high customer retention rate is the key to long term success and continuous cash flow.

8. Create a competitive advantage.
Creating a competitive advantage, is nothing more than asking yourself, "Why will people buy from me and not the rest?" You need to establish a clear and unite proposition. In other words what is going to separate your business from your competitors? Will it be better customer service, better selection, longer business hours, more flexible payment options, personalized service, better customer service, better return and exchange policies or a combination of several of these?

9. Invest in yourself

Just because you now own your business, does not mean you know it all. Continuous education is one of the most important areas all business owners should dedicate quality time to. Buy and read business and marketing books, magazines, reports, journals, newsletters, and industry publications. Join small business associations online and offline, network with other small businesses. Sharing success stories with other people will help you define your own goals and objectives. Start attending seminars for small businesses and your industry related events; Understand that education is an ongoing process. No one knows everything at every given time. Investing in yourself is investing in the long term success of your business.

10. be accessible.
We're living in a time when we all expect to get everything the moment it crosses our mind. Everything seems to be real time. People expect answers the moment they type in their question. You must make it as easy as you can for people to do business with you, regardless of the home business you operate.

You must remain cognizant of the fact that few people will work hard, go out of their way, or be inconvenienced just for the privilege of giving you their hard-earned money. Making it easy for people to do business with you means that you must be accessible and knowledgeable about your products and services. You must be able to provide customers with what they want, when they want it.

11. Features tell, Benefits Sell.

Selling product because of their features is for inexperienced or wannabe entrepreneurs. People buy products not because of what the product says it does, but of what the product will do for them. Selling the benefits associated with owning and using the products should be your focus to create buying excitement and to sell, sell more, and sell more frequently to your customers. Your advertising, sales presentations, printed marketing materials, product packaging, website, newsletters, trade show exhibit and signage are vital. Every time and every medium used to communicate with your target audience must always be selling the benefits associated with owning your product or using your service.

12. Get involved.
Get involved in your community. Be part of fund raising events, local charities, food banks, seasonal events, etc. Get your face out there. Always remember, people like to do business with people they know, and respect. You can join associations and clubs that concentrate on programs and policies designed to improve the local community

13. Grab attention.
Do not invest money in long term marketing building awareness of some sort. The fact is you will go broke before you sell your first piece of stock. Make sure every promotional activity you engage in, puts money back in your pocket so that you can continue to grab more attention and grow your business.

14. Master the art of negotiations.
Business negotiation skills are used on a daily basis. Know how to master this art. This means that you are able to create a situation where you make your customer feel as if they have won, when in fact you have also won. It’s commonly known that the "customer is always right". As a business owner, you know this is not always the case, but you must make them feel as if they are.

15. Follow-up constantly.

If you want to retain your customer, you should care about them and their problems, and hence be proud of how your products will help. You're building a relationship not just a quick sale. Caring for your customers is going above and beyond the normal selling process. Follow up with them, check that the product met their expectations and see if there is any other way you can help them, or even enhance the product you already sold them. Go back to the basics. Send them a nice note recalling something about the conversation you had with them. Let them know you listened! When others know that you care about them personally, then they will be far more willing to trust you -- and trust is the first doorway towards selling.